Valley Metro, city of Phoenix renew financial program for light rail extension
Apr 9, 2022, 6:00 PM | Updated: Apr 10, 2022, 7:01 pm
(KTAR News Photo/Torrence Dunham)
PHOENIX — The city of Phoenix and Valley Metro have agreed to renew the Small Business Financial Assistance Program through 2024, a project for businesses affected by light rail expansion in the Valley.
In the first year of the SBFAP, it granted over $360,000 to 62 businesses impacted by the light rail construction, according to a press release.
“The extra income these grants offer can make an enormous difference in the lives of local business employers and employees during light rail construction,” said Phoenix mayor Kate Gallego in the press release.
“What originally started out as a pilot program has been so successful, it will continue through 2024.”
As the second year of the program rolls around, they are encouraging anyone who falls under the two requirements to apply.
First, the annual revenue of a business must not exceed $750,000, compared to $500,000 previously.
Second, the business must have been in business prior to the start of light rail construction, compared to one year prior to construction previously, according to the press release.
“With two years left of construction, I would like to ensure that we support our small businesses that are being impacted by light rail development,” said Phoenix councilmember Yassamin Ansari.
“From technical assistance to rent relief, these grants will allow businesses to build the cash buffer needed for a slower Phoenix summer. I encourage every business that hasn’t taken advantage of this opportunity to apply.”
Businesses located next to light rail construction can apply for up to $9,000 in assistance.
Transportation 2050 was a 35-year transportation plan passed in 2015 that will see improvements made to the bus system, light rail expansion and major street improvements.
Over the 35 years, the funds are projected to generate about $16.7 billion in sales taxes, over half of the plan’s overall cost, according to the release.
View all of the eligibility requirements for a grant at their website.